HP To Cut Thousands Of Jobs

If I were an HP employee, I’d be mass e-mailing my resume around to every recruiter that I could. I say that because of the news that thousands of jobs are about to be cut at HP:

Hewlett-Packard’s chief executive, Meg Whitman, plans to cut 30,000 or more jobs next week, according to officials familiar with the plan. Her goal, they said Thursday, is to spend the money she saves on increasing the efficiency of the company’s sales force and on creating new products.

The executives, who spoke on the condition of anonymity because they were not authorized to speak for the company, said that H.P. would seek layoffs and voluntary retirements from across the company. The total could be as much as 10 percent of H.P.’s 324,000-person work force. China, which is one of H.P.’s highest growth areas, will probably be spared, as will its research and development efforts.

Ms. Whitman, who became H.P.’s chief executive last September, “is trying to build a new company,” one senior executive said of the job cuts. “You can count this as a part of that.” The final plan is expected to be announced on Wednesday, when H.P. announces earnings for its second fiscal quarter.

HP will report their results on Wednesday. We’ll see how bad these cuts really are and how it affects HP. Though, HP has been trying to do this sort of thing for years and they really haven’t been successful. Thus I wonder how successful they will be this time around.

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